Effects of managers' power on capital structure: a study of Italian agricultural cooperatives

摘要: Abstract Excessive leverage is one of the most important problems facing Italian agricultural cooperatives as competition in EU intensifies. An empirical study 500 supports hypothesis that characterized having “powerful managers” have a capital structure significantly different from “nonpowerful manager” cooperatives. Powerful manager were less leveraged and had long term strategy focused on minimizing financial risk by increasing their equity/asset ratio. The result this an increased probability international competitiveness.